NewDelhi: The Reserve Bank of India has decided to extend the usage timings for `Real Time Gross Settlement` (RTGS) system by an additional one-and-a-half hour.
RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis.
The new RTGS deadline will be applicable from June 1.
RBI has decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.
The time-varying charges for transactions in RTGS from 8 am to 11 am will be for free. Between 11 am and 12 pm the transaction charges will be Rs 2, from 1 pm to to 6 pm it shall be Rs 5 per outward transaction and after 6pm the transaction charges will be Rs 10
The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI`s end.
The RTGS time window opens for business at 8a, for customer transaction (initial cut-off) the time is till 6pm, for inter-bank transaction (final cut-off) the time is till 7.45 pm, for IDL Reversal the time is between 7.45 pm and 8 pm, end of the day is at 8pm.
Bureau Report
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